The quote means that no matter what you call something it is still the same thing. If it smells like a rose, feels like a rose, and looks like a rose, it's probable a rose. The significance of this quote is that it shows that Juliet doesn't care what Romeo's name is. Romeo is still Romeo no matter what you call him. Juliet loves and wants to marry Romeo even though he is a Montague. This quote can be related to today's life style because no one cares what the others name is. As long as they love each other they don't care what their names are.